topic Re: Discover card ficos? in Credit Cards

Discover card ficos?

lithium78 — Mon, 19 Sep 2011 20:55:20 GMT

Discover card offers fico scores from all three agencies for a fee and they say it is a service through Experian. I thought Experian scores couldn't be purchased. Is Discover card providing real scores or are they FAKOs or something else? Anybody know about this?

Re: Discover card ficos?

Walt_K — Mon, 19 Sep 2011 21:04:37 GMT

@lithium78 wrote:
Discover card offers fico scores from all three agencies for a fee and they say it is a service through Experian. I thought Experian scores couldn't be purchased. Is Discover card providing real scores or are they FAKOs or something else? Anybody know about this?

What makes you say they are FICO scores? Is that what Discover's service says? If not, I would expect that they are FAKO scores. I bet if you look at the offer or T&C, it will identify what scores are being offered. If it says FICO, then maybe they worked out a deal with EX.

Re: Discover card ficos?

CreditMuppet — Mon, 19 Sep 2011 21:07:43 GMT

They are reselling Experian's FAKO Scores just like everyone else...

Re: Discover card ficos?

MarineVietVet — Mon, 19 Sep 2011 23:22:23 GMT

@lithium78 wrote:
Discover card offers fico scores from all three agencies for a fee and they say it is a service through Experian. I thought Experian scores couldn't be purchased. Is Discover card providing real scores or are they FAKOs or something else? Anybody know about this?

That part is absolutely true. But these scores are "Plus" scores not FICO scores. One way you can tell is the score range. From the Discover website: Credit scores are reported as a number, typically between 330 and 830

FICO scores range from 300-850.

Edited to add: Nowhere will you find the word "FICO" in the small print for the Discover Credit Score Tracker service.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Re: Discover card ficos?

fused — Wed, 21 Sep 2011 03:58:11 GMT

If these Discover card scores were FICOs, I (we) would be all over them.

Re: Discover card ficos?

scottwagnon — Wed, 21 Sep 2011 04:37:36 GMT

@fused wrote:
If these Discover card scores were FICOs, I (we) would be all over them.

me too. i might be a strong advocate of VantageScore's, but there would be nothing like having cheap accessability to ALL three fico scores.

Re: Discover card ficos?

shane82388 — Wed, 21 Sep 2011 05:18:50 GMT

Call me crazy but somehow it seems wrong that they can charge you at all for something that they record and sell to other people about you that you never gave your consent to record...i dono.

Re: Discover card ficos?

Walt_K — Sun, 25 Sep 2011 17:32:14 GMT

@shane82388 wrote:
Call me crazy but somehow it seems wrong that they can charge you at all for something that they record and sell to other people about you that you never gave your consent to record...i dono.

You surely gave your consent. They all have privacy policies that spell out how information is shared. It's true that it is a take it or leave it arrangement, but that's just market realities at work.

Re: Discover card ficos?

lithium78 — Sun, 25 Sep 2011 18:11:25 GMT

I don't understand how it can be legal to sell "credit scores" that aren't actually used by creditors. That is fraud and should be outlawed. People want real FICO scores so they can make informed decisions about their credit.

Re: Discover card ficos?

minimock — Mon, 26 Sep 2011 05:10:11 GMT

@lithium78 wrote:
I don't understand how it can be legal to sell "credit scores" that aren't actually used by creditors. That is fraud and should be outlawed. People want real FICO scores so they can make informed decisions about their credit.

While the majority of CC companies use FICO, there are a few that dont use it exclusively, for instance, Chase uses Vantage, or so I have read.

Re: Discover card ficos?

Anonymous — Mon, 26 Sep 2011 05:34:50 GMT

Even though majority of companies use fico, some companies still use their native scoring model like CITI

Re: Discover card ficos?

coldnmn — Mon, 26 Sep 2011 21:47:16 GMT

This is from My Discover account for $9.99 month or $99.99 year. Your 3-Bureau credit report includes your credit data and credit scores from all three national credit bureaus (Experian®, Equifax®, and TransUnion®) in an easy-to-read layout. Your Experian credit report contains credit data and score from Experian only.